Pace secures loans to snap up 2Wire September 1, 2010 PACE, the world’s largest set-top box maker, has agreed loans of $450m (£291.1m) to fund its acquisition of US broadband technology firm 2Wire. A $300m term loan and $150m of revolving credit were underwritten by HSBC and Royal Bank of Scotland. An existing £35m credit line with RBS was cancelled. The acquisition, which Pace hopes [...]
IRISH BOW OUT OF POWERSCOURT BASH AS DUBLIN FENDS OFF EU AID November 16, 2010 CITY comunications advisory Powerscourt last night held its annual bash in Paramount, the 31st-floor bar of Centrepoint, but there were a few old favourites missing from the crowd. CEO Rory Godson, originally from Ireland, said he could only pass on his apologies from his Irish chums: “Our friends in Dublin have stayed at home to [...]
Advertising rebound helps News Corp and T Warner August 4, 2010 TWO of the world’s largest media companies reported buoyant quarterly earnings yesterday amid signs of resurgent income from advertising. News Corporation, whose portfolio includes satellite broadcaster BSkyB and The Times newspaper, swung to a profit of $875m (£550.7m) or 33 cents per share in the fiscal fourth quarter. It lost $203m at the same point [...]
Ad sales buoy Daily Mail firm July 27, 2010 Publisher Daily Mail & General Trust (DMGT) said yesterday its flagship newspaper business rebounded strongly after the advertising crisis. Underlying advertising revenues rebounded 13 per cent at its national newspaper division, led by the Daily Mail. Sales for the third quarter rose six per cent, also helped by subscriptions to its publications maintaining pace. Advertising [...]
Europe scent victory after phenomenal fightback October 3, 2010 EUROPE will take a commanding 9 ½-6 ½ lead into today’s historic final session after turning this Ryder Cup on its head with an irrepressible charge yesterday at Celtic Manor. Trailing the United States 6-4 overnight, Colin Montgomerie’s men signalled their determination to reclaim the trophy by winning all but one of the six matches [...]
BT to offer Sky Sports for new season June 28, 2010 BT will offer customers of its Internet television service access to rival BSkyB’s sports channels in time for the new Premier League season, it has said. BSkyB was ordered by telecoms regulator in March to cut the prices it charges competitors to air its sports channels, loosening BSkyB’s grip on premium programming and potentially sparking [...]
Board shake-up at Mitchells & Butlers as finance chief quits to join Rentokil June 22, 2010 PUBS and restaurant group Mitchells & Butlers (M&B) has appointed Interserve’s Tim Jones as finance director replacing Jeremy Townsend, who will join Rentokil as chief financial officer at the end of August. Meanwhile, Interserve said Tim Jones, who has handed in his resignation in order to take up the role at M&B, will remain at [...]
Hertz raises €400m in loan notes through Netherlands subsidiary June 27, 2010 HERTZ, the car hire company, has placed €400m (£328m) in senior secured notes through its Dutch subsidiary to refinance its outstanding international fleet debt facilities. The group said the 8.5 per cent notes, which are due in 2015, would be sold to institutional investors. The notes are rated “B1” by Moody’s and “B” by Standard [...]
Virgin Media set to sell its stake in UKTV August 8, 2010 VIRGIN Media is poised to sell its stake in UKTV, the digital broadcaster it jointly owns with BBC Worldwide. Chief executive Neil Berkett expects to net at least £350m from the sale of the firm’s 50 per cent share, as he seeks to offload non-core assets and focus on Virgin Media’s cable business. Berkett is [...]
ITV to unveil strategy shift August 1, 2010 ITV’S new management team is set to use tomorrow’s interim results presentation to unveil plans to move into pay-TV, as part of a radical new strategy to turn the broadcaster around. Advertising revenues are expected to have improved sharply on 2009, thanks to Britain’s exit from recession, the World Cup, and the continued success of [...]